The Range of Services you Can Access From Technology Insurance Company
If you are a technology company offering various technology products and services, technology insurance is designed to cover you against liabilities and lawsuits that may arise due to various reasons. To distinguish between technology services and products, think of examples such as data storage companies and IT support firms versus software developers and hardware manufacturers; the former offer technology services while the latter offer technology products. No provider of technology services or products is immune to technology liabilities, and they can arise from diverse areas such as network security breaches, loss of business due technical hitch of a technology product, failure of technology services, etc. and hence need to obtain technology insurance to cover you in the event that you are sued or fined. As a technology services and products provider, you are exposed to various forms of liabilities even in areas you may not be aware of. The most common reasons that lead to it professional liabilities and lawsuits includes but not limited to security flaws in software sot hardware sold to clients, failure to communicate clearly implying that you were trying to withhold critical information, frivolous lawsuits, recommending unqualified and bad employees and experts to clients leading to losses, underperforming below the agreed threshold, failure to deliver as per the contract with the client, trademark and copyright battles concerning various technology features in software and hardware, lost business to adverse media and performance of a service or product, website flaws lawsuits, and network security and data confidentiality issues. IT professional liabilities may not be avoidable and here below is a summary of various IT professional insurance services you can obtain from a technology insurance company.
The first and foremost crucial service a technology insurance company gives you is a cover for website designers. Clients contracting you as a website designer may not be satisfied with the delivered product or services and this may result in a lawsuit. Unhappy clients can sometimes sue you not because you did not deliver as per the contract but simply because they are not happy with the end product and hence you need insurance cover to keep your business protected. The other technology insurance service under website designers is a cover for you as a business if you host clients’ websites. Today, cybercrime and hacking, data confidentiality are among the top priorities for a website developer and hosting companies as well as ensuring that any music, pictures, and videos used are owned by the developer.
Computer programming insurance cover is another form of technology insurance that you can get. Developing applications and games, writing computer algorithms and modifying others, as well as testing and providing support. A lawsuit can easily arise from computer programming services and hence need for a technology liability cover.
Computer stores insurance cover is another kind of insurance offered b IT professional liability covers. As a computer store, you can be sued for selling faulty products and offering deficient repair services. Finally, IT consultants are also covered under technology insurance as they teach the clients on how to use various systems.